# In the matter of Gayatri Infra Planners Pvt. Ltd. (IB)-1382(PB)-2018

> NCLT judgment dated 2019-04-16. Citation: TCN-2019-NCLT-03853. The case pertains to an application under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 16 Apr 2019
- **Citation:** TCN-2019-NCLT-03853
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gayatri-infra-planners-pvt-ltd-ib-1382pb-2018-0d77bd14

## Summary

### Background

The case pertains to an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The matter was amicably settled between the parties, leading the petitioner's counsel to apply for withdrawal of the petition.

## Facts

Anug Garg filed a petition against Gayatri Infra Planners Pvt. Ltd. & Anr. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The case was registered as Item No. 107, (IB)-1382(PB)/2018. During the proceedings, the counsel for the petitioner stated that the matter had been amicably settled between the parties. Consequently, the petitioner applied for the withdrawal of the petition. The NCLT, considering the settlement, dismissed the petition as withdrawn along with all other applications related to CP No. (IB)-1382(PB)/2018. The order was delivered on April 15, 2019.

## Issues and analysis

### Issue 1: Whether the petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 can be …

**Ratio:** A petition can be withdrawn if the parties have reached an amicable settlement, and the

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**Reasoning:** The court accepted the statement of the petitioner's counsel that the matter had been

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**Interpretation:** This indicates that the court recognizes and respects the parties' ability to

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**Application:** In this case, the petitioner and respondent reached an amicable settlement. The

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## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** Anug…
- **Respondents:** Gayatri Infra…

## Timeline

- **2018-01-01 — Case Fil…**: CP No. (IB)-1382(PB)/201…
- **2019-04-15 — Order Del…**: The NCLT dismissed the petition as withdrawn following an amicable settlement between the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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